LEASES

12 Months Ended

Dec. 31, 2025

The Company leases office space, corporate apartments, office equipment, and vehicles. Many of the Company’s leases contain variable payments including changes in base rent and charges for common area maintenance or other miscellaneous expenses. Due to this variability, the cash flows associated with these variable payments are not included in the minimum lease payments used in determining the right-of-use assets and associated lease liabilities and are recognized in the period in which the obligation for such payments is incurred. The Company’s leases have remaining lease terms ranging from 0.1 to 6.1 years. Certain lease agreements, mainly for office space, include options to extend or terminate the lease before the expiration date. The Company considers such options when determining the lease term when it is reasonably certain that the Company will exercise that option. The Company leases and subleases a portion of its office space to third parties. Lease income and sublease income were not material for the years ended December 31, 2025, 2024 and 2023.

During the years ended December 31, 2025, 2024 and 2023, the components of lease expense were as follows:


	Income Statement Classification	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Operating lease cost	Selling, general and administrative expenses	$	47,806	$	43,524	$	47,824
Variable lease cost	Selling, general and administrative expenses	12,624		10,912		13,156
Short-term lease cost	Selling, general and administrative expenses	4,453		3,785		5,602
Total lease cost		$	64,883	$	58,221	$	66,582

Supplemental cash flow information related to leases for the years ended December 31, 2025 and 2024 were as follows:


	Year Ended December 31, 2025		Year Ended December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	52,167	$	45,640
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	10,309	$	23,771
Non-cash net increase due to lease modifications:
Operating lease right-of-use assets	$	7,417	$	13,522
Operating lease liabilities	$	8,087	$	13,557

Weighted average remaining lease terms and discount rates as of December 31, 2025 and 2024, were as follows:


	As of December 31, 2025		As of December 31, 2024
Weighted average remaining lease term, in years:
Operating leases	3.8		4.3
Weighted average discount rate:
Operating leases	4.8	%	4.3	%

As of December 31, 2025, operating lease liabilities will mature as follows:


Year ending December 31,	Lease Payments
2026	$	41,655
2027	32,381
2028	26,011
2029	15,223
2030	10,278
Thereafter	3,328
Total lease payments	128,876
Less: imputed interest	(10,206)
Total	$	118,670

There were no lease agreements that contained material restrictive covenants or material residual value guarantees as of December 31, 2025. There were no material lease agreements signed with related parties as of December 31, 2025.

As of December 31, 2025, the Company had committed to payments of $5.6 million related to operating lease agreements that had not yet commenced as of December 31, 2025. These operating leases will commence on various dates during 2026 with lease terms ranging from 1 to 7 years. The Company does not have any material finance lease agreements that had not yet commenced.